Islamic home loans work hand in hand with your credit scoreSeptember 12, 2014 at 11:57 am
As wonderful as they are , Islamic home loans are not a standalone product. They need to work with other elements like your credit score to ensure that everyone from the lenders to the person getting the islamic mortgage loans understands their responsibilities and can live up to them.
That’s the reason a credit score is so important. It tells the lenders how you handle credit and gives them a brief snapshot of how well ( or poorly) you’ve done that before they decide whether to give you the money you’re asking for.
Of course we’ve included an overview of what you need to know about this all-important metric and you can read about it by following this link. However, there are a few points that bear repeating like:
- the fact that a bad credit score doesn’t mean you can’t get a loan. While it is a red flag, some careful planning that starts by paying your bills on time can turn things around.
- you can and should check your credit score to make sure everything is accurate.
A good credit score is an important part of your overall financial health. You’ll be able to borrow more easily when you’ve got yours in order.